Though retirement means you’re not clocking in at the office anymore, it doesn’t mean your creative, industrious spark has been snuffed out. Far from it. You’ve been cultivating new hobbies or deepening the ones you’ve had since youth — and those hours in front of the easel or oven, logged in the woodshop or knitting on the couch, have made you a master. You’re so good that you’re seriously thinking about monetizing your hobby.
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The problem? You don’t know how to go from hobbyist to entrepreneur. While you’ve got the skills, GOBankingRates has the answers. We investigated how retirees can use their talents to make some extra money in retirement.
1. Selling Arts and Crafts
Whether you’ve carried a sketchbook since childhood or started taking crafting classes at the senior center, you’ve tapped into your artistic passions. Other people have noticed, complimenting you on your work — and asking how much for one of your original pieces.
Though you could spread the word among friends and family that you’re open to sales, you’d be savvier to start an online shop through your own website or platforms like Etsy. Also consider selling at local farmers markets, community fairs and art festivals. Of course, there’s also the old-fashioned, pound-the-pavement method of taking your portfolio to cafés and galleries in your town.
You get to set your own pricing for each piece — but be sure to factor in the cost of materials, packaging and shipping to ensure you turn a profit.
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2. Sharing Photos With Shutterstock or Adobe
Ever since you retired, you’ve become quite the shutterbug. If you’ve wondered whether all those shots you’ve taken for your photo club are worth something to other people, the answer is yes. Outlets like Adobe Stock and Shutterstock are willing to pay photographers for their work.
According to the Shutterstock website, there are six earnings levels for contributors, ranging from 15% to 40% of the image’s sale price. “The more content customers purchase from your portfolio, the faster you progress through the levels, increasing the percentage you earn from each license,” the site says.
If you share your work with Adobe Stock, you can expect to earn a royalty rate of 33% of each photo’s sale price, according to Adobe’s contributor terms.
3. Becoming a Freelance Writer
With all the free time you’ve enjoyed in retirement, you’ve picked up a real knack for the written word. Perhaps you’ve started a blog or newsletter — and while you enjoy writing for free, you’re ready for publishers to offer you a penny (or more) for your thoughts.
You might have luck contacting local or regional publications to see if they need freelancers, or even pitching a column of your own. When you’re writing for these publications, you’d likely get paid per piece — anywhere from $25 to several hundred dollars depending on length, publication and topic.
If you’re fully committed to running your own show, consider monetizing your existing blog through affiliate links, ad partnerships or sponsored content. Some blogging platforms also let you offer paid memberships, newsletters or courses to generate income.
4. Becoming a Fitness Instructor
During your retirement years, you’ve prioritized your physical fitness — and in the process, fallen in love with yoga, water fitness or Pilates. Regardless of which activity has captured your fancy, you’re a devotee — and those jokes about how you might as well teach the classes you attend so often are starting to sound like a good idea. Why not make money as an instructor?
You’ll likely need to spend money to get certified. Basic yoga certification can cost $1,000 or more, while certification to teach water fitness typically ranges from $80 to $500. You can net a decent sum, depending on how often and where you teach. According to Salary.com, water fitness instructors make roughly $25 an hour on average.
Wages for yoga instructors vary based on location and setting, with corporate classes paying more. Writing for YogaRenew, Melanie Rodriguez noted, “Per class it’s typical for teachers to make somewhere between $30 and $85, but it could be less or drastically higher. In a corporate setting, yoga teachers can earn $200 to $400 an hour bringing classes into offices.”
5. Teaching a Favorite Subject
Maybe you’re an accomplished pianist. Or perhaps you’ve got a passion for languages. You might even enjoy running mathematical equations in your spare time. Whatever your skill, others would love to learn it for personal enrichment or to perform better at work or school. Help them get ahead — while padding your own wallet — by offering tutoring sessions.
Depending on your hobby, you could offer sessions at your home or in a public space like a library or coffee shop. You might also be able to share your skills virtually through video calls or online learning platforms.
Your rates will vary depending on what you teach and how often you hold sessions. However, TutorCruncher offers some baseline expectations: “Tutoring rates vary from state to state and subject to subject, but on average, a private tutor costs roughly between $25 and $80 an hour. Rates may vary depending on a variety of factors, including the tutor’s education level, expertise and the difficulty of the subject, to name a few.”
Consider the Following Factors
Making money doing the hobbies you love sounds fantastic. But before you get started, consult a financial advisor or tax professional who can help you work through the less glamorous issues, such as tax implications, recordkeeping and potential effects on your Social Security benefits.
Depending on your side hustle, you may also need legal advice to draft contracts or protect your intellectual property — or a little help from your social media-savvy grandkids with online marketing.
Above all, remember this: You’ve worked hard for most of your life — now is the time to relax and have fun. If monetizing your hobby ever starts to feel like a chore, you can always step back and remember why you fell in love with it in the first place.
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This article originally appeared on GOBankingRates.com: 5 Ways To Monetize Your Favorite Hobby and Make Money in Retirement
